PASADENA, Calif.–Wescom Credit Union has launched a new “Quick Assist Loan” program for members in need of short-term, small-dollar loans with no credit checks. The credit union said the product is aimed at being an alternative to high-rate payday loans.
According to Wescom, the Quick Assist Loan Program provides:
- Loan amounts to $500
- Loan terms to six months.
- An interest rate of 0%
- An application fee of $20
- No credit check
How to Qualify
To qualify, a member must be in good standing and must have $20 available.
In announcing the new loan, Wescom pointed to a 2017 CareerBuilder report that found 78% of U.S. workers said they live paycheck to paycheck.
The $4.1-billion Wescom Central Credit Union has approximately 194,000 members.